Fighting For Your Right To Retire With More
Rebalance Managing Director Scott Puritz joined legendary Vanguard founder John Bogle, and other industry leaders, in the continued fight against unfair investment practices at the recent launch of the groundbreaking initiative ‘Campaign for Investors.’
Transcript
Scott Puritz: Rebalance IRA is part of a trend of investment innovators.
Speaker: Recently Rebalance IRA Managing Director Scott puritz joined legendary Vanguard founder John Bogle to help launch the campaign for investors in support of the Department of Labor’s new fiduciary rule. The fiduciary rule is designed to make retirement savings safer for all Americans by mandating that investment managers act in the best interest of their clients.
John Bogle: One of the recent press reports on this rule has just been promulgated by the US Department of Labor, establishing a fiduciary duty. Headlined its story, it was kind of fun to see big headline. Finally, John bogle’s dream of fiduciary standard will come true, and it’s true that I’ve been seeking such a rule, arguably, since I wrote my senior thesis at Princeton University 65 years ago.
Speaker: John Bogle founded the Vanguard Group in 1974 he has been called the father of the index fund, and is a champion of low cost, passive investing.
Scott Puritz: Jack Bogle, as he’s known. He’s just one of my life heroes, many folks life heroes. He’s in his 80s, but has an incredible vibrancy, a searing intellect, personal charisma and an unwavering commitment to the American investor. It’s extraordinary and a privilege.
Speaker: Today’s investors often have no idea how much they’re paying in hidden fees, a problem the new rule will address by creating greater transparency around the cost of investment services.
Scott Puritz: In our own experience, four out of five of our clients who come over from broker dealers had absolutely no idea what they were paying and when they were made aware what they pay in terms of the second level fees and the fund level fees, and they weren’t paying a percent, they were paying two and a half percent. They they effectuated change and became much more demanding consumers instantaneously, it was really about education and awareness tied to disclosure.
Speaker: Involvement with the campaign for investors is just one way rebalance. IRA is working to bring positive change for retirement investors.
Scott Puritz: So fight on. It’s worth it. Stay the course and press on regardless. Thank you.
To find out more, visit rebalance ira.com
